Cryptocurrency exchange Bybit has switched on Perp Options, a new derivatives category that layers options contracts on top of its own equity perpetual futures. The debut markets are SPCX, the platform’s synthetic SpaceX perpetual, and NVDA, its Nvidia perpetual, both tradable around the clock with defined expiration dates.
The rollout, announced by the exchange, went live on September 17, 2026, at 20:00 UTC. It builds on Bybit’s TradFi Perpetuals suite, which launched in April 2026 and has since grown to cover equities, exchange-traded funds (ETFs), commodities, and pre-initial public offering (pre-IPO) names.
A derivative written on a derivative
Perp Options do not settle against SpaceX or Nvidia shares directly. Their underlying instruments are Bybit’s own USDT-settled perpetual contracts, SPCXUSDT and NVDAUSDT, which track the two stocks’ prices without the exchange holding or delivering the actual equity.
Buyers of the options are therefore taking a position in a synthetic instrument that mirrors the stock, with no path to the underlying shares, dividends, or voting rights anywhere in the chain.
The options are European-style, meaning they can only be exercised at expiration, which limits early-assignment risk for both sides of a trade. They are cash-settled in Tether’s US dollar-pegged stablecoin (USDT) and use a contract multiplier of one rather than the 100-share lot standard on regulated US options exchanges. That design choice makes notional exposure more granular for smaller accounts and lowers the ticket size a trader needs to open a position.
Portfolio margin and continuous access
Positions in Perp Options sit inside Bybit’s Unified Trading Account (UTA), the same wallet that already houses spot, futures, and existing crypto options balances. The exchange’s Portfolio Margin engine allows the new contracts to be netted against related perpetual and spot holdings, which can reduce total margin required when traders run cross-product hedges such as covered calls or protective puts.
Because the reference perpetuals themselves trade continuously, price discovery for names such as Nvidia extends well beyond the Nasdaq’s regular session, though liquidity during the overnight window is likely to be thinner than during US market hours. At launch, the exchange said the product supports naked calls and puts alongside more structured strategies, including spreads, straddles, covered calls, and other combination trades.
What comes next
Speaking on the launch, Head of Bybit Option Business Mike Xue said the pipeline includes Tesla (TSLA), the Invesco QQQ Trust (QQQ), an ETF tracking the Nasdaq-100 Index, the Direxion Daily Semiconductor Bull 3X Shares (SOXL), and Micron Technology (MU), with more names to be added over the coming months. Xue added that Bybit’s TradFi Perpetuals lineup currently spans more than 250 tickers, giving the exchange a sizeable pool of potential future Perp Options underlyings.
Bybit first previewed the product publicly on August 28, listing SPCX and NVDA as the initial pair and setting September 17 as the launch date.
The bigger picture
The launch continues a broader pattern in which crypto venues are rebuilding traditional-finance instruments as USDT-settled contracts that trade continuously and price in stablecoins rather than fiat. Bybit itself has followed the model across multiple product lines this year, including the addition of forex perpetuals on September 8, 2026, and earlier moves such as its tokenized SpaceX IPO Express subscription launched ahead of the company’s Nasdaq debut.
Perp Options sit outside the clearing and settlement infrastructure that governs exchange-listed US equity options, so buyers do not have exposure to a central clearinghouse, and product access can vary by jurisdiction. The instruments are also derivatives written on derivatives, adding a layer of complexity compared with buying an option through a regulated brokerage.
For Bybit, the product deepens a strategy of using the crypto side of its business as distribution for equity-linked exposure, aimed at users who lack access to a US brokerage account or want to trade well beyond regular market hours. Whether the format finds durable traction will depend on how tightly the SPCX and NVDA perpetuals track the underlying stocks once volatility, funding rates, and thin overnight liquidity are all in play at once.
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